Datavault AI Says It Can’t Access Its Bitcoin on Biconomy, Stock Plunges

Datavault AI (DVLT) disclosed it has been unable to withdraw its Bitcoin from crypto exchange Biconomy since June, triggering a sharp selloff in its stock. The company also announced it will restate four financial reports related to a $150 million deal with Scilex Holding. The double whammy of inaccessible crypto assets and accounting errors raises serious concerns about Datavault’s treasury management and financial controls. Investors reacted swiftly, sending shares down significantly. The inability to access its Bitcoin—an asset the company touted as a strategic reserve—undermines confidence in its digital asset strategy. Meanwhile, the restatement tied to the Scilex transaction suggests potential lapses in financial reporting, further eroding trust. For a company positioning itself at the intersection of AI and blockchain, the operational failure to secure its own crypto holdings is a red flag. The market will now watch whether Datavault can recover the Bitcoin, correct its financials, and restore credibility.